News & Analysis as of

NYDFS New York Third-Party Service Provider

Bressler, Amery & Ross, P.C.

NY Department of Financial Services Issues Guidance to its Regulated Industry As a Result of the Ongoing Global Conflict

The New York State Department of Financial Services (the “Department”) has issued guidance (“Guidance”) to all individuals and entities regulated by the Department (“Regulated Entities”) to underscore the importance of...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Examination of Crypto Payment Service Provider Ends in Settlement

On March 16, NYDFS entered a consent order resolving an examination of a payment service provider that allows merchants to accept Bitcoin payments from customers in exchange for the equivalent value in local currency credited...more

Orrick, Herrington & Sutcliffe LLP

NYDFS revises proposed amendments to third-party debt collection rules

In December, NYDFS released revised proposed amendments to 23 NYCRR 1, which regulates third-party debt collectors and debt buyers. NYDFS first issued a proposed amendment to 23 NYCRR 1 in December 2021 ...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Issues Supply Chain Management Guidance

The New York State Department of Financial Services recently issued recommendations to financial institutions in the aftermath of the SolarWinds cyberattack. In that attack, hackers inserted malware into SolarWinds software...more

Bradley Arant Boult Cummings LLP

NYDFS’s New (and Expanded) Servicer Vendor Management Expectations

Originally proposed by the New York Department of Financial Services (NYDFS) in 2019 and constituting what the Mortgage Bankers Association has described as “the first major update to Part 419 since its adoption almost 10...more

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